ADFD allots $15m for Caribbean project

Abu Dhabi Fund for Development signed a 15 million dollar (AED55m) concessionary credit agreement for the improvement of another hybrid solar and wind power venture in the Caribbean state of Antigua and Barbuda.

According to news, Antigua and Barbuda is one of the third financing cycle beneficiaries of ADFD/International Renewable Energy Agency (IRENA) project facility.

The contract regarding the loan was inked on the 7th session of the IRENA Assembly by Gaston Browne, PM of Antigua and Barbuda and Mohammed Saif Al Suwaidi, executive general of ADFD.

The first 10 megawatt venture, increasing to 25 megawatt in succeeding stages, will provide clean energy to 90,000 individuals with an attention on giving power to the operation of drinking water desalination plants, wellbeing and other basic facilities.

Mohammed Al Suwaidi, stated: “Tending to the skills and funding disparity in fast rising economies such as Barbuda and Antigua are critical in speeding the uptake of solutions on renewable energies that can provide practical financial improvement in the long haul.

“We are glad to have the capacity to have our influence in this islands’ advancement story and anticipate opportunities on further cooperation.”

He included: “The venture will have a vital influence in the nation’s twenty percent goal for renewable sources by 2018 & will bolster the nation’s work towards meeting its sustainable improvement objectives.”

Antigua and Barbuda’s PM stated that before 2016, Antigua and Barbuda was absolutely reliant on fossil fuels for power generation.

“Utilizing renewable energy will expand the sources of energy for the nation while effectively moving towards more dependable & reasonable electricity.”

The venture is being subsidized as a component of the 350 million dollar IRENA/ADFD project facility, made operational in 2013, to give concessional financing to renewable energy ventures for developing nations.

Because of the IRENA/ADFD project facility, from 2013, about 189 million dollars has been dispensed to 19 ventures, chosen projects including off-grid, mini-grid, and on-grid ventures utilizing wind, sunlight, hydro, geothermal, and biomass sources.

Ventures over the initial 4 cycles will achieve 100MW of renewable energy limit on the web.